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AMERICAS
The US Justice Department is moving to block UnitedHealth Group’s $3.3bn purchase of Amedisys over concerns the deal would harm competition in the market for home-health services, Bloomberg reported.
Justice Department antitrust officials have signed off on a lawsuit to be filed in federal court as soon as this week to stop the deal. The move follows a meeting last week between company executives and the Justice Department in a last-ditch effort to ease the government’s concerns.
Cardinal Health, a distributor of pharmaceuticals and specialty products, agreed to acquire Advanced Diabetes Supply, a distributor of specialized diabetes supplies, from Court Square Capital, a private equity firm, for $1.1bn.
"We couldn't be more excited about joining Cardinal Health at-Home Solutions to build on our mission of being a trusted partner in this critical space of the healthcare industry. It's clear that we both share the same passion of making sure the patients we serve have the best possible outcomes. Together, we can bring more simplicity, speed and quality to patients living with diabetes and the providers who care for them," Bill Mixon, Advanced Diabetes Supply CEO.
Cardinal Health is advised by Bank of America, Citigroup, JP Morgan, DLA Piper and Skadden Arps Slate Meagher & Flom (led by Richard Witzel). Debt financing is provided by Bank of America. Court Square Capital is advised by Houlihan Lokey, MTS Health Partners, Robert W Baird, Winston & Strawn and Edelman.
CD&R, a private equity firm, and HPS, a global investment firm, agreed to invest $225m in Vialto Partners, a provider of global mobility, tax, and immigration solutions.
“I am delighted by the continued support and increased investment from CD&R and HPS, two of the world’s leading private investors. This agreement marks an important milestone for Vialto that definitively transforms our capital structure so that we can accelerate our investment in the integrated compliance and advisory solutions and technologies that help our clients navigate changing global dynamics, as well as seize new opportunities for growth,” Neil Masterson, Vialto CEO.
Vialto Partners is advised by Evercore, Weil Gotshal and Manges, Davis Polk & Wardwell, Ashurst and Guggenheim Securities, AlixPartners and FGS Global (led by Kal Goldberg and Kerry Golds). CD&R is advised by Moelis & Co, Debevoise & Plimpton and Kirkland & Ellis. HPS is advised by Houlihan Lokey and Paul Weiss Rifkind Wharton & Garrison.
Goldman Sachs, a private equity firm, agreed to acquire a majority stake in Sila Services, a provider of HVAC, plumbing and electrical services, from Morgan Stanley Capital Partners, a private equity platform. Financial terms were not disclosed.
“I am very proud of what Sila’s team has accomplished in partnership with MSCP during this chapter of the Company’s growth to build Sila into a truly distinctive residential services operating company emphasizing building careers for tradespeople and delivering consistent customer excellence. We are excited to partner with Goldman Sachs on the next phase of the Company’s growth, and benefit from its global platform, deep experience in consumer & consumer services sectors, and differentiated value creation resources,” Jason Rabbino, Sila CEO.
Sila Services is advised by William Blair & Co and Robert W Baird. Goldman Sachs Alternatives is advised by Goldman Sachs and Weil Gotshal and Manges (led by Brian Parness and Chris Machera). Morgan Stanley Capital Partners is advised by Debevoise & Plimpton (led by Uri Herzberg and Spencer Gilbert).
Thoma Bravo, a software investment firm, and ADIA, a globally-diversified investor, agreed to invest in Qlik, a data analytics platform. Financial terms were not disclosed.
“We look forward to accelerating Qlik’s impact in the era of AI and welcome ADIA into our next phase of growth. Our team has seized the AI opportunity, grounded in a commitment to strong partnerships, customer success, and solutions that drive real competitive advantage. These principles have fueled our growth and enabled us to deliver meaningful, tangible value from data and analytics,” Mike Capone, Qlik CEO.
QLIK is advised by Guggenheim Partners and Kirkland & Ellis. Thoma Bravo is advised by Guggenheim Partners, Kirkland & Ellis and FGS Global (led by Abigail Farr). ADIA is advised by Evercore and Gibson Dunn & Crutcher.
Cardinal Health, a distributor of pharmaceuticals and specialty products, agreed to acquire a 71% stake in GI Alliance, a provider of comprehensive gastrointestinal care services, from Apollo, a private equity firm, for $2.8bn.
"Cardinal Health and GI Alliance are aligned in our shared vision to build a physician-led, national specialty healthcare platform that will be the preferred choice for all patients seeking dependable, high-quality care. This partnership brings together two like-minded organizations focused on delivering exceptional care and enhanced clinical and operational support for physicians that drives increased value," James Weber, GI Alliance CEO.
Cardinal Health is advised by Centerview Partners, Ropes & Gray, Citigroup and Skadden Arps Slate Meagher & Flom (led by Richard Witzel). Debt financing is provided by Bank of America.
Allianz X, a private equity firm, led a $300m Series E round in Ualá, an Argentine fintech company, with participation from Stone Ridge, Tencent, Pershing Square, Ribbit Capital, Alan Howard, Goldman Sachs Asset Management, Soros Fund Management, Rodina, SoftBank Latin America Fund, Jefferies, D1 Capital Partners, Claure Group, AlleyCorp and Monashees.
"The future inspires us. This Series E funding will further our financial ecosystem now with fully integrated and operational banks in our markets. The trust and confidence from our investors reaffirms our vision: we will soon be the largest bank in Argentina. Mexico and Colombia are next. Our single focus is the finest product: we will keep delivering the best value proposition for our users in Mexico, Argentina and Colombia – and grow beyond," Pierpaolo Barbieri, Ualá Founder and CEO.
Ualá was advised by Ardea Partners and Hughes Hubbard & Reed. Allianz X was advised by Milbank.
Blue Point-backed Pinnacle MEP, a provider of mechanical contracting services, completed the acquisition of Bell Plumbing Services, a provider of commercial plumbing solutions. Financial terms were not disclosed.
“We look forward to Bell Plumbing’s next chapter as we join forces with an outstanding team that values partnerships with founder-owned businesses and a community-focused approach. Partnering with Pinnacle allows us to strengthen our commitment to providing exceptional service to our client relationships across central and eastern Indiana, all while leveraging our local market expertise,” Mitch Bell, Bell Plumbing President.
Blue Point was advised by MiddleM Creative (led by Jan Morris).
Beringer Capital, a private equity firm, completed the investment in Northern Commerce, an advertising services company. Financial terms were not disclosed.
"We are proud to partner with a homegrown Canadian company for our first investment in Fund V. This opportunity is particularly special for us as a Canadian private equity firm, as it allows us to support local innovation and growth right here in our own backyard. Partnering with Northern aligns seamlessly with our mission to invest in companies driving digital transformation in North America and we look forward to being part of Northern's journey and contributing to its future successes as we embark on this new chapter together," Perry Miele, Beringer Capital Managing Partner.
Northern Commerce was advised by Canaccord Genuity.
Bluecore, a retail technology company, completed the acquisition of alby, an AI shopping assistant company. Financial terms were not disclosed.
“Conversational commerce is only the beginning of our vision for alby. Through this acquisition, we’ll be able to equip retailers with a capability they’re eager to offer shoppers right now. But alby’s role as a Shopping Assistant is only one of many it will play. The AI at its core is built to learn skills and over time it will learn new ones that address needs that retailers don’t even know they will have around marketing, merchandising and support,” Fayez Mohamood, Bluecore CEO.
Mercer Advisors, a wealth-management firm, completed the acquisition of Chapel & Collins, a financial planner. Financial terms were not disclosed.
“Growing our footprint in Greater Denver and Fort Collins helps us deepen our roots in one of our key markets. By extending our integrated wealth management experience to more families in the Denver area, we’re able to help amplify and simplify their financial lives. In doing so, we can make a meaningful impact on these vibrant local communities,” Dave Welling, Mercer Advisors CEO.
CD&R-backed Presidio, a technology services and solutions provider, completed an investment in Contender Solutions, a provider of consulting and execution methodologies in IT service delivery. Financial terms were not disclosed.
"IT leaders are increasingly seeking enterprise management services to automate processes that deliver exceptional customer experiences and allow more time to drive innovation. We’re excited Contender is now part of Presidio to seamlessly support our clients’ ServiceNow platforms and achieve outcomes that drive their business success," Bob Cagnazzi, Presidio CEO.
RPM Ventures, a venture capital firm, led a $175m Series D round in Firefly Aerospace, a provider of launch vehicles, spacecraft, and in-space services for small payloads, with participation from GiantLeap Capital and Human Element.
“Few companies can say they’ve defined a new category in their industry – Firefly is one of those. They have captured their niche in the market as a full service provider for responsive space missions and have become the pinnacle of what a modern space and defense technology company looks like,” Marc Weiser, RPM Ventures Managing Director.
Fastbreak.ai, a provider of AI-driven scheduling solutions for the sports industry, completed the acquisition of SEQL, an innovative sports impact company. Financial terms were not disclosed.
"Leveling the playing field in youth sports and making a meaningful impact has always been part of our vision for Fastbreak.ai. With our recent entry into the youth tournament management space through the acquisition of Tourney Pro, the addition of SEQL positions us to connect consumer brands with the audiences they want to reach. This also empowers brands to support athletes facing economic disadvantages. This is just the beginning of our commitment to driving positive change in youth sports through our platform," John Stewart, Fastbreak.ai CEO.
Blackstone nears deal to buy American Industrial Partners stake. (FS)
An arm of Blackstone is in advanced talks to acquire a minority stake in American Industrial Partners.
A deal hasn’t been finalized, but if one is reached, the transaction could be announced in coming weeks, Bloomberg reported.
Dish bondholders reject debt-exchange offer for DirecTV deal.
A group of EchoStar's Dish bondholders rejected a proposed debt-exchange offer from DirecTV that was contingent upon them accepting a "haircut" of $1.5bn, Reuters reported.
The group represents more than 85% of Dish's bondholders. It was not immediately clear how the rejection will affect DirecTV's plan to acquire EchoStar's satellite television business that includes Dish TV, which was announced in September.
Elliott calls for split at Honeywell, discloses $5bn stake in conglomerate. (FS)
Activist investor Elliott Investment Management has taken a more than $5bn stake in Honeywell International and is calling for the conglomerate to split into two separate companies. Elliott is advising Honeywell to separate its automation and aerospace businesses.
In a letter sent to Honeywell’s board, Elliott said that the Charlotte, North Carolina-based company needs to simplify its structure as it deals with uneven execution, inconsistent financial results and an underperforming stock price. The activist investor believes splitting up the aerospace and automation businesses would result in share-price gains of 51% to 75% over the next two years, WSJ reported.
“As independent entities, Honeywell Aerospace and Honeywell Automation would benefit from simplified strategies, focused management, improved capital allocation, better operational performance, enhanced oversight, and numerous other benefits now enjoyed by dozens of large businesses that have moved on from the conglomerate structure, including former conglomerates General Electric, United Technologies, and many more,” Elliott.
Groupe Dynamite aims for $1.7bn valuation in Canadian IPO.
Canadian women’s clothing retailer Groupe Dynamite launched its initial public offering with a dual-class share structure and a valuation of $1.7bn, a deal that would cement its top executive as a billionaire. The company will list on the Toronto Stock Exchange and trade under the symbol GRGD.
The company behind the Garage and Dynamite chains said in public filings that Andrew Lutfy, its owner and chief executive officer, expects to offer subordinate voting shares in the range of $14 to $17 per share, which would raise about $215m based on the midpoint. Lutfy would retain about 87% of the company and 98.5% of the voting rights, assuming the underwriters don’t exercise an option to sell more shares. If the IPO goes at $15, the company’s market capitalization would be $1.7bn, making Lutfy’s stake worth $1.4bn.
The offering is being led by Goldman Sachs, BMO Nesbitt, RBC Dominion and TD Securities, with other institutions including Scotia Capital and Desjardins Securities as part of the underwriting group, Bloomberg reported.
Vista Equity's Greg Myers Resigns from fundraising leadership role. (FS, People)
Vista Equity Partners’s head of investor development and fundraising activities has left the buyout firm in a “strategic decision” that Vista says will bring its leadership closer to its investor base.
Greg Myers, who was global head of capital and partner solutions, is being replaced by Cheryl Leahy and Stephen Seelbach as global co-heads of the arm that focuses on fundraising efforts. Viet Nguyen is also being made global head of strategic partnerships and initiatives, Bloomberg reported.
“As Vista has grown to over $100bn in assets under management in an increasingly complex market with changing investor needs, we made this strategic decision to evolve the Firm’s leadership closer to our investor base,” Robert Smith, Vista Founder and CEO.
EMEA
Modern Times Group, an international gaming group, agreed to acquire Plarium Global, a video game developer and publisher, from Aristocrat Leisure, an Australian gambling machine manufacturer, for $820m.
"I am proud and excited to welcome Plarium to MTG in this transformative deal, which elevates MTG into a leading European gaming group. In Plarium, we have found a great partner to evolve and accelerate together. They bring an exciting and highly successful portfolio of live games spearheaded by RAID: Shadow Legends, an exceptional evergreen mid-core IP, to our line-up. The studio also has three additional strong live games, and an exciting new games pipeline in both the mid-core and the casual segments, which creates healthy optionality for future growth," Maria Redin, MTG Group President and CEO.
MTG is advised by Ernst & Young, KPMG, Aream & Co, Morgan Stanley, Baker Botts and Gernandt & Danielsson. Aristocrat Leisure is advised by UBS and Sodali & Co (led by Peter Brooks).
Deutsche Lufthansa is on track to complete its takeover of ITA Airways after ironing out differences with the Italian government over the purchase of the unprofitable carrier, Bloomberg reported.
The Italian government said that it has presented a set of remedies to the European Commission over concerns about the deal. Rome will now await final approval from the Commission before going ahead with the closing.
Bain Capital now expects to launch its tender offer for Japan's Fuji Soft in mid-to-late November as it continues to await company approval, the private equity firm announced, amid a buyout competition with rival giant KKR. The private equity firms are engaged in a $4bn acquisition battle for the software company, a deal that highlights Japan's revival as a target for global takeovers.
KKR, meanwhile, became the largest shareholder in Fuji Soft last week, after completing the first part of its two-stage buyout tender offer, even as Bain's proposal outbids it by about 7%, Reuters reported.
Ariel Emanuel-backed OB Global, a management-led group, agreed to acquire OpenBet, a sportsbook technology company, and IMG ARENA, a sports and federations company, from Endeavor, a media company in the fields of sports, events, media and fashion, for $450m.
OpenBet powers responsible betting and gaming entertainment for more than 200 market leading operators around the globe. Following close of the transaction, Levin will continue to lead the business as CEO.
Wabtec, a global provider of equipment, systems, digital solutions, completed the acquisition of Fanox, a provider of protection relays and communication devices for Medium-Voltage applications, and Kompozitum, a provider of technical machined carbon and graphite components, for $110m.
“We are excited about bringing the capabilities of Fanox and Kompozitum to our Transit Business. These acquisitions align with our strategy by bringing in technologies that are complementary to our product portfolio, positioning the business for accelerated, profitable revenue growth. It also enhances Wabtec’s mission to provide our customers with next-generation solutions that improve efficiency, performance, and reliability,” Pascal Schweitzer, Wabtec Transit President.
Eight Roads-backed Kaiko, a cryptocurrency data provider, completed the acquisition of Vinter, a software company. Financial terms were not disclosed.
“Our largest acquisition to date brings us closer to our goal: accelerate the growth of regulated crypto investments with sophisticated data solutions. Vinter’s role as the leading provider of indices for the Asset Management industry in Europe, allows us to expand our product offering and client coverage. Combining Vinter’s expertise and Kaiko’s trusted brand and global presence, will elevate our service globally,” Ambre Soubiran, Kaiko CEO.
United International Holding gets $34.8bn in orders for a $264m IPO.
Investors put in $34.8bn of orders for the initial public offering of a Saudi Arabian financial services firm, in the latest example of strong demand for share sales in the kingdom.
United International Holding’s Riyadh IPO was covered 132 times. Its parent United Electronics - known as Extra – is set to raise $263m by selling a 30% stake in the deal.
Partners Group said to pick banks for IPO of Ammega. (FS)
Partners Group has selected banks for a potential initial public offering of Ammega Group as the private equity firm explores options for the European conveyor-belt maker.
Bank of America and UBS are the leading arrangers for a listing that’s earmarked for late 2025. The plans are preliminary and may still change, while additional banks could still be appointed, Bloomberg reported.
Tristan said to sell Lisbon office buildings. (FS, RE)
Tristan Capital Partners is nearing the sale of three office buildings in central Lisbon amid renewed interest in these assets.
London-based private equity firm Tristan is selling the buildings to take advantage of higher demand for office properties in the Portuguese capital, Bloomberg reported.
APAC
Bankers see deal drought in Asia easing as Hong Kong IPOs pick up.
After a lean couple of years, bankers in Asia are seeing signs of a recovery in initial public offerings. The number of Chinese firms considering public flotations in Hong Kong is increasing as the benchmark Hang Seng Index heads for its first annual gain since 2019. India has already notched up a record year in terms of funds raised from share sales, with more planned, while blockbuster deals are lighting up Tokyo’s stock market.
Although the overall value of share sales in Asia may end this year below 2023’s level, partly due to Beijing throttling the number of IPOs on mainland Chinese exchanges, dealmakers are optimistic next year will likely show improvement as Hong Kong’s market picks up, Bloomberg reported.
NTPC Green Energy IPO likely next week, eyes $12bn valuation.
NTPC Green Energy is considering seeking a valuation of about $12bn in what could be one of India’s biggest initial public offerings in the renewable energy industry.
The clean energy subsidiary of state-backed NTPC has held discussions with advisers about pricing its IPO at more than 100 rupees ($1.18) a share.
Books are expected to open on November 18 and close on November 21. Considerations are ongoing and details such as the valuation, price range and timing could still change, Bloomberg reported.
Adaro eyes $291m from unit IPO to spin off coal business.
Coal miner Adaro Andalan Indonesia may raise as much as $291m from an initial share sale, part of a move by its parent company to shift away from fossil fuels.
The company, owned by tycoon Garibaldi Thohir’s Adaro Energy, will offer as many as 778.7m shares. Final pricing will take place after the book building period from November 12 to 18.
Adaro Energy is spinning off the coal mining unit valued at $2.45bn to focus on developing cleaner energy, with an aluminium smelter being built in Kalimantan. A number of coal miners in Indonesia — the world’s top exporter of thermal coal — are boosting investment in metals and renewable energy to benefit from the world’s green transition.
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